So, you have a great product that you can’t wait to get out on the market. However, your excitement is curbed by the looming mass of research and planning that will play a pivotal role to its success.
Certainly, a solid product plan will take time and effort; however, do not be fooled by the myth that a product plan has to be at least 100 pages long in a leather bound book…
If you want a product plan that will leave no stone unturned and won’t take up all the hours under the sun, then give our tried and tested Mind Mapping technique a go. iMindMap is a dynamic and organic business tool, time manager and memory jogger that can enable you to store and organise, as well as prioritise information.
Clear and visual planning will not only determine whether your product will be successful, it will also save you valuable time and costly mistakes. The simple and straightforward Mind Mapping technique will seamlessly guide you through each stage of your product plan.
All businesses are unique and have their own specific requirements that must be met. However, if you stick with these guidelines, you will have a foolproof product plan that will lead you to success.
Insert your product as the central image and use the topics below as the main branches of your Map. Mind Maps allow your brain to assimilate immediately a whole range of complex information and interrelated items of information, bringing all the issues into clear focus.
The main branches represent the core areas that you need to address in order to create an effective and faultless product plan. They will also form the structure of your plan and give your brain a framework for association, ensuring that all the relevant elements are taken into consideration. These key words will spark associations in your brain and will give rise to new realisations that help boost ideas.
This is where you will explore what your product is and what it does. The generative nature of Mind Mapping allows you to flesh out your ideas and see how you can develop them. Break your product down into key areas, such as application, features, functionality, benefits, limitations. What are you offering that makes your customers life easier, happier, more productive? By knowing your product inside out you can sell your plan with confidence, energy and enthusiasm to ensure it is approved.
A new product will impact on existing product offerings and potentially cannibalise sales of some of your other products. To analyse and prepare for the potential effects your project will have on other areas of your business, create a map and add a branch for every aspect of your business you think will be affected. You may have to talk to people from different departments to find out more information and to avoid your product back-firing on other areas of your business.
To ensure that your product takes off, assess how you are going to tap into the market. Market entry is a key factor that can make or break your product. Spread the word: use social media, customer surveys and viral videos for maximum exposure.
Useful Hint: iMindMap will enable you to drill into every avenue of your product plan, so keep building your branches to encourage your brain to generate more ideas.
This section will analyse the customers you are targeting. Through thorough research you can define their demographic profile, interests and how their wants and needs relate to your product. The more you know about your customers, the more you can perfect your product.
Useful Hint: Keep your customer details secure and stick to a strict ethical guideline. Create a map that highlights what you want to know, how you will find it out and what you are going to do with the information.
Map out every angle of production that will be involved, this way you will be prepared for the unexpected. Create a Mind Map for production methods to support both high and low product demand to ensure that supply is met and resources are not wasted.
Researching your competitors will help build a successful product. What are the unique selling propositions of your product in comparison to your competitors? Alternatively, suss out the strengths and weaknesses of your competition and what they are doing to generate success.
This is the part where the nitty gritty details really matter. Many product plans contain 3 or more financial plans that consist of a budget financial plan, a realistic financial plan and a more flexible financial plan. Incorporated into your finance plan should be the predicted total cost of production. This will help you set sales targets and milestones.
Useful hint: Even the best plans can change depending on the reality of your product. You need to have a backup plan for every possible outcome and adapt to change when needed.
To secure new customers, try luring them in with special launch offers, or money back guarantees. Map out how you will reach new customers through promotional campaigns and marketing strategies.
Useful hint: Diversify your promotion methods. You will quickly be able to find out what avenues are working better than others.
As your planning gets under way, factors in your product plan will undoubtedly change. With iMindMap you can add branches where and when you need to, spot any holes in your plan and have a bird’s eye view to monitor the growth and development of your product.
Download our Product Plan template on biggerplate.com and create an impressive product plan that will lead to success.
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